If the economy is represented in the graph shown and is currently at point E3, then the economy must be in:
A. long-run equilibrium.
B. a recession.
C. an economic boom.
D. an economic recovery.
A. long-run equilibrium.
You might also like to view...
Critics of nationwide banking fear
A) an elimination of community banks. B) increased lending to small businesses. C) cutthroat competition. D) banks with economies of scale problems.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Amount of a good or service that buyers are willing and able to purchase at the current price
What will be an ideal response?
Marginal revenue product is
A. marginal physical product multiplied by marginal revenue. B. the total revenue from the sale of the product sales. C. marginal physical product multiplied by average variable cost of the product. D. the price of the product.